Venezuela definitely has an absolutely massive amount of oil in the ground still. I'm not sure about trusted proven reserve numbers and relative rankings, but i

Venezuela definitely has an absolutely massive amount of oil in the ground still. I'm not sure about trusted proven reserve numbers and relative rankings, but its definitely up there. However, Venezuela's oil is a good bit harder to refine than Saudi oil which is just about the simplest oil to refine. The US controls most of the good refineries (and related technologies) to effectively refine Venezuela's oil, but the US doesn't tend to trade much with Venezuela (lots of history to read there). So yes, Venezuela has a lot of oil, but it is oil most of the world's refineries don't want to/can't deal with. As a note, this is also a part of the reason why even though the US is a net exporter of oil we still import a ton of oil. We've got good refineries for processing the cheap difficult to handle stuff most of the world doesn't want to touch (largely because we built it designed to handle Venezuela's oil) and we export stuff that's the "fancy" stuff easy to refine pretty much everywhere. There's a lot of nuance I'm glazing over there. Read up more about the history of US-Venezuela oil trade, it is quite a history.